New Delhi: The country’s largest lender, SBI, on Friday reported an 80 percent surge in independent net profit at $ 6,450.75 million in the fourth quarter ended March 2021, aided by the decline in bad loans.
The State Bank of India (SBI) earned a profit of 3,580.81 million during the January-March period of 2019-20, the moneylender said in a regulatory submission.
The bank’s total revenue during the March quarter of the last financial year increased to 81,326.96 million, from 76,027.51 million in the same period of 2019-20.
During the quarter under review, net interest income increased by 19 percent to 27,067 million, compared to 22,767 million in the same period a year ago.
On a consolidated basis, the bank reported a 60 percent increase in net profit by 7,270.25 million, compared to 4557.49 million in the fourth quarter of the 2019-20 financial year.
In terms of asset quality, the bank’s gross non-performing assets (NPAs) improved to 4.98 percent of gross advances as of March 31, 2021, compared to 6.15 percent in the same period of 2020.
It is further said that gross NPAs fell in absolute terms in March 2021 to $ 1.26 389 million, from 1.49.092 million in the same period last year.
Net NPA or bad loans decreased at 1.50 percent on March 31, 2021 from 2.23 percent in the previous year. The net NPA decreased in absolute terms to 36,810 million, from 51,871 million in March 2020.
As a result, the provision for bad loans decreased by 17 percent to 9,914 million, compared to 11,894 million in the fourth quarter of the previous fiscal amount.
However, weakening more than doubled to 21,934 million, from 8,105 million in the fourth quarter of 2019-20.
For the entire financial year 2020-21, the bank reported an increase of 41 percent in independent profit at 20 110.17 million, compared to 14 488.11 million in the previous financial year.
The board recommended a dividend of Rs 4 per share.
During the year, the net interest margin (NIM) or spread improved to 3.26 percent from 3.19 percent in the previous fiscal.
Capital adequacy ratio (CAR) improved by 68 basis points to 13.74 percent as of March 2021.
At the same time, the Provision Coverage Ratio (PCR) improved by 413 basis points to 87.75 percent.
Source: Telangana Today